11 Facts About Crowdsourcing

Crowdsourcing involves a large group of dispersed participants contributing or producing goods or services—including ideas, votes, micro-tasks, and finances—for payment or as volunteers.

Crowdsourcing is not limited to online activity and there are various historical examples of crowdsourcing.

Crowdsourcing methods include competitions, virtual labor markets, open online collaboration and data donation.

Crowdsourcing is used by nonprofit organizations to develop common goods, such as Wikipedia.

Crowdsourcing has often been used in the past as a competition to discover a solution.

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Crowdsourcing allows businesses to submit problems on which contributors can work—on topics such as science, manufacturing, biotech, and medicine—optionally with monetary rewards for successful solutions.

Crowdsourcing has the potential to be a problem-solving mechanism for government and nonprofit use.

Crowdsourcing language-related data online has proven very effective and many dictionary compilation projects used crowdsourcing.

Crowdsourcing allows anyone to participate, allowing for many unqualified participants and resulting in large quantities of unusable contributions.

Crowdsourcing process allows entrepreneurs to access a wide range of investors who can take different stakes in the project.

Crowdsourcing allows those who would benefit from the project to fund and become a part of it, which is one way for small niche ideas get started.